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MNI China Press Digest Dec 9: Property, Trump 2.0, PBOC

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Monday:

  • The real-estate market requires a combination of long- and short-term measures to bottom out, aimed at digesting housing inventory and delivery, and releasing potential demand, said the Party-run People’s Daily in a commentary. The market faced structural problems as high home prices and a shortage of affordable housing pressured new citizens and young people in big cities, with the supply of upgrading also falling short of the markets' requirement. Policymakers' promotion of urbanisation will release further demand in the future, the Paper said.
  • China must accelerate structural transformation towards domestic demand to best deal with a second Donald Trump presidency, according to Zhu Min, vice chairman at the China Centre for International Economic Exchanges and former deputy managing director at the IMF. Zhu, speaking at a recent forum, said policymakers should also expand and strengthen the manufacturing industry, noting the economy will stand firm over the next 20 years if the sector provides cheap, good and high-tech products.
  • The People’s Bank of China has maintained reasonable market liquidity through new policy tools such as the open-market trading of treasury bonds and outright reverse repos, which saw net purchases of CNY500 billion from August to October, and CNY800 billion in November respectively, making a short-term reduction of the reserve requirement ratio less likely, according to Guan Tao, a former director at the State Administration of Foreign Exchange.
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Highlights from Chinese press reports on Monday:

  • The real-estate market requires a combination of long- and short-term measures to bottom out, aimed at digesting housing inventory and delivery, and releasing potential demand, said the Party-run People’s Daily in a commentary. The market faced structural problems as high home prices and a shortage of affordable housing pressured new citizens and young people in big cities, with the supply of upgrading also falling short of the markets' requirement. Policymakers' promotion of urbanisation will release further demand in the future, the Paper said.
  • China must accelerate structural transformation towards domestic demand to best deal with a second Donald Trump presidency, according to Zhu Min, vice chairman at the China Centre for International Economic Exchanges and former deputy managing director at the IMF. Zhu, speaking at a recent forum, said policymakers should also expand and strengthen the manufacturing industry, noting the economy will stand firm over the next 20 years if the sector provides cheap, good and high-tech products.
  • The People’s Bank of China has maintained reasonable market liquidity through new policy tools such as the open-market trading of treasury bonds and outright reverse repos, which saw net purchases of CNY500 billion from August to October, and CNY800 billion in November respectively, making a short-term reduction of the reserve requirement ratio less likely, according to Guan Tao, a former director at the State Administration of Foreign Exchange.